ETF Mutual Fund (ETFOX) Adjusts Portfolio In Response to Market

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April 16, 2009 1:16pm ETF BASIC NEWS

fidelityIn a follow up interview with Fidelity Independent Adviser, released today, ETF Market Opportunity Fund (ETFOX) manager discusses recent changes to his portfolio and his reaction to recent market events.

Since its selection as Fidelity Independent Adviser’s Best Fund for Second Quarter 2009, Paul Frank’s ETF Market Opportunity Fund (ETFOX) has continued to beat the S&P 500. While Frank’s ETF based mutual fund has grown dramatically, his methodology has remained consistent, and he continues to attribute his success to both the transparency of ETFs and the fundamental oversight that a mutual fund provides.

Q: How have recent market conditions, including the March rally, impacted the composition of your portfolio?

A: ETFOX is designed to react to market movement, so several of my positions have changed along with the market in recent weeks. My model led me to trim my exposure to fixed income, and while I dropped the Proshares UltraShort 20+ Year Treasury Fund (TBT) in March, I began buying shares again on April 14. At the beginning of the March rally, I added large-value ETFs to the fund but have since moved to small cap growth. Technology ETFs have performed well, and I have added Vanguard Information Technology ETF (VGT) to the fund while increasing my position in iShares S&P North American Tech-Semiconductors (IGW). The core of ETFOX is still large growth funds.

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